Benefits
Benefits management is a structured approach to identifying, planning, tracking, and realizing the benefits of an activity, programme, project or initiative within an organization. Benefits management is a strategic discipline that helps organizations maximize their value. It aims to ensure a governance focus on the intended outcomes and alignment with the broader goals of the organization.
Close terminology
Value Management - Similar to benefits management, value management focuses on maximizing the overall value delivered by a project or program. It involves identifying, optimizing, and realizing value throughout the project lifecycle.
Outcome Management - This involves managing and optimizing the intended outcomes or results of a project or program. Outcomes are closely related to benefits and represent the changes or impacts the project aims to achieve.
ROI (Return on Investment) - ROI is a financial metric that measures the profitability or cost-effectiveness of an investment. Benefits management often involves calculating and maximizing the ROI of a project by ensuring that the benefits outweigh the costs.
Stakeholders’ needs
Domain knowledge is needed to facilitate effective stakeholder engagement during the initiation stages. Understand the needs, concerns, and expectations of stakeholders within the domain, enables better communication and collaboration. This understanding is crucial for aligning activity goals with organizational objectives.
Productivity
Productivity gains refer to improvements in the efficiency and effectiveness with which inputs (such as labor, capital, and materials) are converted into outputs (goods or services). Essentially, productivity gains mean producing more output with the same amount or less input, or maintaining the same level of output with reduced input. These gains can result from various factors, including: technological advancements, process improvements, skill development, innovation, resource optimization, economies of Scale or management practices.
INs and OUTs (section under development)
coming in
going out
Controls to review
regulation, documentation, reports